California Government declares fiscal emergency over budget

California Government declares fiscal emergency over budget

www.reuters.com

SAN FRANCISCO (Reuters) - California Gov. Arnold Schwarzenegger on Wednesday declared a fiscal emergency for the government of the most populous U.S. state to force lawmakers into a special session to tackle a $24.3 billion state budget gap.

Lawmakers have failed to agree on a spending plan that balances the state's budget for its new fiscal year, which began early Wednesday morning, and budget talks are at an impasse

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I did not see this posted yet, and feel it is very important and worthy of its own thread. California officially declared bankruptcy today, again. This time, however, I feel it is truly rock bottom. As someone who lives in a state that boarders california, I have seen a massive rise in people re locating to my state from CA. I know the tent cities in california are growing at an alarming rate, and with the swine flu going around...I don't see this ending well. Your thoughts?

www.reuters.com
(visit the link for the full news article)